HomeMy WebLinkAboutResolution 4530 N.C.S. 06/06/1966 •
- EER:jd 67 /,'66, C--1
Resolution NO........4...5...3. 9. ... ... N., C S.
RESOLUTION!' APPOINTING THE WELLS FARGO BANK PAYING
AGENT, FOR THE 1966 ,SEWER, BONDS 'AND AUTHORIZING
EXECUTION OF AGREEMENT.
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INTRODUCED BY r
s } At yiknirrdc Meeting of
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. the City.Council of the City of Petaluma on the 6th day of June : 1966
BE IT RESOLVED THAT the Well's, Fargo Bank be and it is hereby appointed pay-
ing agent for the 1966 Serer 'bonds to be issued by the City of Pdtaluma
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in the principal face 'amount of Two million, three hundred-fifty 'thousand
•and no/100 Dollars ($21350;,.0010 .00) ; and
BE IT FURTHER RESOLVED the City Clerk be and she is hereby authorized
to execute an agreement with the Wells' Fargo Bank for the performance of
the services as paying agent ,for the 1966 sewer bonds , the agreement to be
, in the form as attached 'hereto and made a part hereof and labeled "Exhibit
A" .
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under the power and authority conferred upOn this, 1 Con4cil by the Charter Of said City.
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/ /t ,. / "ti Ct-•.---,---C-1-----7- I 1 COUNCILMEN VOTE
Seconded by ..(iev -/1 - .?", J ' I
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Ayes/ Noes Absent
I hereby certifV that the foregoing resolution was dilly and Councilman Albert L. Battaglia i),/
regularly introduced and adopted by the.Council of the City of " Dayrid W. Brainerd /
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Petaluma, on the e:6 th Oa of June ) 1966 , by
" John W. Cavanagh,Jr. /
thelollowing ilot
(SEAL) ..._. ..c.,22.e.: 4121-4;:-L1-(gica.,./.z.2:r.../
,- Kenneth J. Cohn _ V
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, Mayor of the City of'Peialuma " Philip L:Joerger
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Robert S. Lipman 1.,//- -
Attest: ---6-17,-IC-4.--/c1- ' 19- _._, . . . /
Mayor Mrs. Helen Putnam
1.7'
LIN-.\ - Cify Clerk - -
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A IG, R E ."E: M `E- W. -T '.` •
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THIShAGREEMENT, •made. and entered`:into;this / — day rof
-��ti,.c•p� , (966, by and between the City of"Petaluma, (County
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of Soma, State of California, hereinafter-called "city" and Wells Fargo
Bank,, .hereinafter called "Bank
W41 X- N E ^S Ss .E.. T.;H
INHERES,. City',has' authorized&the_issuance of TWO MILLION,
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THREE HUNDRED FIFTY THOUSAND DOLLARS ($2,350,000.00) principal
amount of its 1966 Sewer Bonds, for which' City desires to?name Bank ,as
_Pa.ying=Agent, and
WHEREAS, Bank desires to act as Paying Agent on said Securities
at its office located in the City of San Francisco; and
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WHEREAS, it IS mutually desirable that an Agreement be .entered
into between-Bank. and City'-to provide for such'payi'ng agency services;
NOW, THEREF„ORE, the parties :above:named,,in consideration of
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the "mutual covenants herein contained`, agree as fellows:
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1 . 'Bank• shalt honor 'said` securities of the City and any coupons
pertaining thereto', -in`accordance with the terms' thereof upon presentation
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-of the same•to it.for^pay "grit or for collection upon maturity. City shall assure
that-sufficient funds are provided to"-Bank to enable it to honor such securities.
This .paragraph' shallsnot in,any instance require payment or disbursement Of
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•any funds in excess of the amount•then on deposit in the Bond Principal. and
Interest Account" 'referred to hereinafter.
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2. City agreeakto daposit at leastfive (5)" deiys- priteto-the ;next
matiiiitY date ofband*Andiddinithis., With the, COrPetate.`Frust pepaitnient of
th&FaYingagent.Pfunda sufficient lor.--piqtrit-,thereof. The said funds are
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tcr-ba;clipeSitedAd S account-designated as tire "deoridtricipal and Intereat
Accatint.;" SSuch funds !Shall:he:held/and applied by the Paying.Agent in its
odeptifaiii-trudtPDePWrOidrit solely for the payment of said maturing bonds
and,doupotia.: From:the,saidthnicis-,-Paying Agent,agrees cte pay at the
thereof interest coupons and,bonds' presented to it, or to the City Treasurer for
payment.
3. Bank ishall ;ender to City annual,cash:and cremation certificates
shOWing, all amounts datioSited,: paid, or disbursed, detailing the disposed
securities, by bend hilinber and the disposed coupons in bulk.
4, The city shall pay to.p.thik fees in accordance with theffollowing
fee schedule:
For payrdent dounons 1.2*--1/2 each
For"paymentiolf bonds at maturity or call
• FOPbTandth-Of 3,$5;400,,denemination $1.25- each
For ayment: obórdsc11pP8t
For lbondS. of $5;006.-deribitiiiiitien $2. so
.Paym9nt: interest-on registered bonds' by
•. • Cheek- 20 each
Crentationtdharges
BOnds, -01O0.pieCps Orltactien,thereof $2,50
Coupons per 14000..biecesTor fraction
thareet I $5.00
5. In addition to the fees indicated in Paragraph 4, the City shall
reimburse Bank- for outtOf-..pocket expenses. necessarily 'incurred in the per-,
ferinarice;of'Bank's duties herein,provided', to include postage, express,
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irtatiraincevandother iiiciàèhtãl expenses.
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6. The Bank shall render an annual statemt'en for the amount of
fees due-said-Bank under this•Agreement, and all incidental expenses for
which reimbursement is claimed pursuant to-Paragraph 5 hereof. Upon receipt
. of such statement, the City-shall pay to Bank e11 fees under this Agreement
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. and shall reimburse said -Sank in accordance with Paragraph 5 hereof.
7. At feast ten410) days prior to the-first payment or disburse-
ment of principal or interest on any issue of bonds under the provision of
this Agreement, the City shall furnish one specimen bond of each interest
rate of such issue to Bank.
8. The City upon six (6) months' written-notice to Bank may termin-
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.ate this' Agreement.
9. The Bank upon six (6)" months'•written notice to City may ter-
minate this Agreement, provided, however,, that upon any default in the pay-
ment of principal or-interest of any issue or issues with respect to which Bank
. has ,undertaken,to perfor I any services, Bank 'shall ithmediately terminate
this Agreement in-its- entirety upon giving written:notioe•to the City.
10. The,terms and conditions Of this Agreement 'are 'intended for
the mutual benefit of City and Bank exclusively, and are not intended to give
any third party any rights or claims, contractual or otherwise, hereunder.
11. City agrees that Bank shall not be required to honor any re-
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quest made 'by anyone other.than City itself to, stop payment on any lost,
destroyed, mutilated, or stolen bond or coupon, or to pay any such security
the ownership of which is disputed. The City may in such instances instruct
Bank as to what Bank. should do under the circumstances, and hereby agrees
to hold.Bank harmless front any and all claims whenever Bank acts in accord-
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ance"-Aufilt,"Ouch.,-biStlkidticifis.
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IN WibiESS'WHEpEOF, the pert):el,therete have cansed these
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presents' to•beduly,executed, :the 'day-mid year first above written. .
. . I CITY 0E4PE1'41.T,NIA
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BY „ad -...., 'I'd./ ..• ... ' ,fist:4 ..0. -
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• Mayor li , ti i i- • 1, -----,
((1,17/Ilk k1/14
A 111)2.1.0 IS , -- Cay Clerk
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. WELLS_FARGO SAM(, i.
7,/,' „,./
-,i tUN` .;`•. (1`) ■9, Formi ) ' , 04/
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______"_-_,-_ LCAN2LA, (1: I- \,ito-r&i,,_ • BY - - - ,-S‘
0 ty Attoniey,
1 Via 4,resident
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